Enhancing global oversight of third parties

A global pharmaceutical company was looking to enhance and automate certain aspects of their third party risk management programme with new technology and services to better manage the increasing volume of third parties being onboarded in the over 75 countries where they operate. They wanted to create a more consistent, risk-based approach across the global business owners and processes to enhance global oversight from the compliance department. Four years after the programme was implemented, they decided to engage The Red Flag Group®’s Compliance Managed Services practice to outsource certain administrative aspects of the process.

Answer:

Used ComplianceDesktop®, IntegraCheck® and IntegraWatch® to automate the client’s third party due diligence programme and screening

Created a more uniform way to manage third party risk that considered both regional and business risks in their respective markets

Leveraged technology to dictate polices to manage risk within the client’s own distribution network

Reduced the overall speed for onboarding by enabling more departmental efficiency

With the help of Compliance Managed Services, strengthened data quality captured in the system by users to improve reporting, and allowed the business to focus on the business – removing the burden associated with onboarding and administrative tasks

Up-levelled the skills within the client’s compliance team for areas such as false positive, and monitoring risk with third parties by using expert, localised teams with knowledge, language and depth

Why The Red Flag Group:

Consultative expertise. Our team of in-house compliance experts redeveloped the client’s process to ensure uniform management of third parties around the globe.

Global Reach. Our Professional Services team took over many onboarding tasks on behalf of the client. We built dedicated teams for the client across our key regional offices.

Reduction in turnaround time.We greatly reduced the third party approval turnaround time by as much as three times the original length.

Strong business impact. We helped the client reduce third party onboarding time by over half – from 20 days to less than eight days per third party, tripled the number of third parties onboarded per year and strengthened overall channel stability by helping identify only stable, ethical third parties.